[ad_1]
Tinder co-founder Justin Mateen invested in Hollywood by purchasing $69 million in retail near the legendary TCL Chinese Theater on Hollywood Boulevard.
Betting on the future value of the local property, Mateen and his brother Tyler purchased the Hollywood Galaxy Shopping Centre and the historic Petersenville next door.
This purchase comes when most institutional investors, such as pension funds, stop acquiring Los Angeles properties. The value of many buildings in the area, including office skyscrapers, has been declining in recent years as tenant losses that began during the pandemic and other factors pushed down sales prices.
However, Mateen sees this as an opportunity. They purchased prominent properties in Beverly Hills and Westchester last year and are now Hollywood stakeholders.
Justin Mateen is known for being the co-founder of popular dating app Tinder, but is also a solo venture capitalist through his Jam Fund. He and his brothers have a strategy to invest in their hometown of Los Angeles in the cooling commercial real estate market.
“I’ve always been the opposite investor,” he said. “Whether it’s a startup, open market or real estate, I take a long vision and hold the cycle forever. We’re doubling while others are pulling back from cities like LA. I feel that revival is inevitable.”
Matens is looking for tenants who want to plead Hollywood property for sale by federal real estate investment trusts and interact with millions of tourists who visit the intersection of Hollywood Boulevard and Highland Avenue each year.
The three-storey Hollywood Galaxy Shopping Centre, completed in 1990, is leased nearly 80% to tenants, including Target and LA Fitness. The rest of the space can go to famous businesses like Nintendo and Lego, who want to create an interactive and immersive appeal for Hollywood visitors, Tyler Mateen said.
The brothers are looking for tenants who “respect for large formats that benefit a large amount of pedestrians and are fond of visibility.” It could also be the flagship store of big brands like Nike, Adidas, and Sephora.
The Petersenville on Hollywood Boulevard and Orange Drive was also part of the deal, and was built in 1929 as home to Cadillac dealers. Currently, it is occupied by Marshall’s Department Store and LaLaland souvenir shops.
Last year, Matens and their partner Pouya Abdi purchased the Wilshire Rodeo Plaza, a five-storey office building on Beverly Hills’ Wilshire Boulevard and Rodeo Drive. They are in the process of signing a new retail tenant for the building and planning a rooftop restaurant.
Matens purchased and is currently renovating the HHLA Entertainment Centre in Westchester, near Playa Vista last year. Among its new tenants is Meow Wolf, an immersive entertainment company.
According to Tyler Mateen, all three properties are located in famous places where new projects are difficult to develop. “We want to own assets that you can’t build again and the market cannot ignore.”
[ad_2]Source link
